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2.1.0.M1
Take Charge of Your Financial Well‐Being Unit Multiple
Choice Test Bank
Total Points Earned
Name
15
Total Points Possible
Date
Percentage
Class
Money in Your Life Questions
Directions: Circle the correct answer for each question. (1 point each)
1. Which of the following statements about our interactions with money is NOT considered to be true?
a. You are responsible for your present self and your future self.
b. Your present self impacts your future self.
c. You are better off in a community than by yourself.
d. Investment increases risk and reduces your ability to cope with risk and uncertainty.
2. Carter wants to participate in an activity that will improve his well‐being. Which of the following activities
would contribute the most to his well‐being?
a. An activity his friends like to participate in.
b. An activity that doesn’t cost much money.
c. An activity that his teacher suggested to him.
d. An activity that makes him lose track of time.
3. Jenna wants to improve her financial well‐being. Which of the following would contribute the most to her
financial well‐being?
a. Take a personal finance class to learn how to manage her money.
b. Pay her grandma back the money she borrowed to take a school trip last year.
c. Talk to her friends about how to manage her money better.
d. Open another checking account to help her organize her money.
4. Jacob is wondering how he can improve his intellectual well‐being. Which of the following would
contribute the most to his intellectual well‐being?
a. Go to the gym three times per week.
b. Challenge himself by taking on a new project at work.
c. Join a local service organization.
d. Take a vacation from work.
5. Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline
of his financial future. Where should the end of his financial planning timeline be set?
a. When his financial goals have been established.
b. When he money management plan has established high well‐being.
c. When he is 70‐years‐old.
d. Never – it is an ongoing process.
© Take Charge Today – August 2013 – Take Charge of Your Financial Well‐Being Unit Multiple Choice Test Bank
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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2.1.0.M1
Financial Decisions Questions
6. Erica wants her class project to reflect her values. Which items would be best to include?
a. Things that she intends to acquire, do, reach or accomplish in the near or distant future.
b. Things that are necessary or essential for life and survival.
c. Things that reflect her fundamental beliefs about what is worthwhile and important to her.
d. Things that are unnecessary but desired which increase the quality of her life.
7. Which of the following is likely to have the least influence on an individual’s values?
a. Media
b. Family
c. Religious affiliations
d. Grade average
8. Which of the following factors is not influenced by values?
a. Everything is influenced by values.
b. An individual’s daily decisions.
c. An individual’s long‐term decisions.
d. An individual’s financial decisions.
9. Megan’s mother suggested that she was experiencing the consequences of her trade off regarding a
decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in
for her mother to have made this comment?
a. Megan had shopped at several stores when she found the prom dress of her dreams and
purchased it. She used the money she had saved for the prom dress PLUS most of the money she
had saved for replacing the tires on her car. Now the tires need replacing and Megan is short on
the cash needed to do the job.
b. Megan had shopped at several stores when she found the prom dress of her dreams. She checked
online and found a coupon that enabled her to save 30% when she returned to the store to
purchase the dress.
c. Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2
friends shopping with her to tell her which one looked best on her. After much deliberation, she
chose the dress that was the least expensive of the 3 she liked best.
d. Megan had shopped in the store her mother recommended for her prom dress. She found two
dresses she liked a lot. Megan purchased the one that was the most comfortable even though it
cost $28 more than the other one.
10. Ian has been shopping for a different vehicle for the past several months. He needs something reliable
and would really like something with a nice sound system. He and his parents have talked about how
much he can afford and he plans to stay within the price guidelines he and his family have set. Ian was
analyzing the opportunity cost of a trade‐off regarding which car to purchase. Which situation best
represents what he might be thinking through?
a. Ian is comparing new vehicles at two car dealerships. He was able to find nearly identical cars at
nearly identical prices. One dealership is 20 miles away and the other dealership is 30 miles away.
b. Ian has found two different cars at a local dealership that meet his needs. The first car has a
better sound system than the other. The second car has 20,000 fewer miles on it.
c. Ian has been shopping for a vehicle online. He finds something that would meet his needs being
sold by an individual near him. He would be able to purchase this car for less than he would have
paid for a comparable vehicle at a car dealership.
© Take Charge Today – August 2013 – Take Charge of Your Financial Well‐Being Unit Multiple Choice Test Bank
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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2.1.0.M1
d. Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle. This vehicle would
meet Ian’s needs and he knew the service history of the vehicle was excellent.
11. Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario BEST
represents the purchase of a NEED?
a. Whitney is being inducted into the National Honor Society at her high school. Students have been
directed to ‘dress nice’. Whitney has a dress she wore to a wedding last year that still fits but her
mom thinks she needs a new one to celebrate this occasion.
b. Whitney has been selected to attend a national leadership conference and has been instructed
that she will need to dress ‘professionally’ for one of the tours. She plans to wear her new jeans
and a t‐shirt that has the logo of the leadership conference on it. Her mother thinks she needs to
purchase something more appropriate.
c. Whitney has several pairs of jeans in her closet but found some that really fit her well at an
excellent price when she and her mom were shopping. Her mom agrees that with these jeans at
this price, they need to purchase a pair.
d. Whitney will be traveling to Europe with a youth ambassador program this summer. She has been
instructed to pack a rain jacket. The rain jacket she already owns does not have a hood since she
always uses an umbrella in rainy situations. Her mom believes she needs to purchase a hooded
rain jacket because it would be more convenient.
© Take Charge Today – August 2013 – Take Charge of Your Financial Well‐Being Unit Multiple Choice Test Bank
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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2.1.0.M1
Setting Financial Goals Questions
12. Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an
example of what type of goal?
a. Short‐term goal
b. Long‐term goal
c. Mid‐term goal
d. This is not an example of a goal.
13. One element of a financial goal is missing in the example below. Which one is it?
“I will save $150 each month to go on a vacation in one year.”
a. Time Bound
b. Specific
c. Attainable
d. Measurable
14. Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every
month to make a down payment on a home in five years. What type of goal have they set?
a. Short‐term
b. Intermediate
c. Long‐term
d. Unrealistic
15. Amber’s academic adviser has asked her to set 3 academic goals for this semester. These goals are MOST
LIKELY to be accomplished if:
a. Amber discusses her goals with her parents.
b. Amber lets her friends set her goals.
c. Amber writes her goals down.
d. Amber thinks about her goals weekly.
© Take Charge Today – August 2013 – Take Charge of Your Financial Well‐Being Unit Multiple Choice Test Bank
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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2.1.0.C1
Take Charge of Your Financial Well‐Being Unit Multiple
Choice Test Bank
Answer Key
Money in Your Life
1.
2.
3.
4.
5.
d
d
a
b
d
Financial Decisions
6.
7.
8.
9.
10.
11.
c
d
a
a
b
b
Setting Financial Goals
12.
13.
14.
15.
a
c
c
c
© Take Charge Today – August 2013 – Take Charge of Your Financial Well‐Being Unit Multiple Choice Test Bank
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona